Small businesses: rights and responsibilities

Canada’s chartered banks and the Canadian Bankers Association (CBA) have developed the Model code of conduct for dealing with small and medium-sized enterprises (SMEs). The banks have agreed that the model code is to serve as the minimum standard for banks dealing with SMEs when these companies are seeking credit from a bank. Each bank’s code of conduct for SMEs must include the key elements of the model code:

• openness
• accountability
• credit process
• complaint handling

FCAC monitors compliance with the code.

What you should do if you feel your rights are not being respected

If you feel that a federally regulated financial institution is not respecting your rights, contact the Financial Consumer Agency of Canada.